Internal Audit Service

Internal Audit Service

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Know about Internal Audit

Internal Auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization’s operations. It helps the organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes. internal auditors work with management to systematically review systems and operations. These reviews (audits) are aimed at identifying how well risks are managed including whether the right processes are in place, and whether agreed procedures are being adhered to.

Audits can also identify areas where efficiencies or innovations might be made. Internal audits are organized under an ongoing program of review and advisory activity this is based on the strategic needs of an organization. internal auditors work across all areas of an organization. In addition to core areas of financial control and IT, they review the tangible aspects of operations, such as an organization’s supply chain or IT systems; as well as more intangible aspects such as organizational culture and ethics. In fact, any system that has an impact on the effective operation of an organization may be included in internal audit’s scope. 

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1. Who is Internal Auditor?

Internal Auditor is the qualified professional having expertise in the filed of Taxation, Accounting & Finance.

2. What is Internal Audit?

In Internal Audit an Auditor is appointed by the management, who acts as the Internal Auditor. That appointed person ensures that the accounting process or the Taxation rules followed by the entity are correctly implemented or not. That appointed person reports to the mangaement of the company.

3. Do External Auditor required if Internal Auditor is already appointed?

Yes, External Auditor is required even if the Internal Auditor is appointed by the entity. Since the External Auditor issues independent report & gives opinion on the financial statements. But the Internal Auditor helps the entity to smoothly comply with the rules & regulations.

4. What is the difference between Internal Auditor & External Auditor?

Internal Auditor are integral to the organization and provide ongoing monitoring and assessment of all the activities. On the contrary, external auditors are independent of the organization and provide an opinion on the financial statements.